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Madinet Masr launches Sheya project, achieves EGP 5.1bn in sales

Madinet Masr launches Sheya project, achieves EGP 5.1bn in sales
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Cairo – Mubasher: Madinet Masr Housing and Development has launched the Sheya project in Sarai, its mega mixed-use development.

Located on a 228,212 square metre area near the New Administrative Capital, Sheya includes 744 mixed-use residential units, comprising 420 S-Villas and 324 apartments, studios, and duplexes, according to a press release.

Additionally, the project boasts a clubhouse, water lagoons, and green landscape areas.

Abdallah Sallam, President and CEO of Madinet Masr, said: “At Madinet Masr, we follow an ambitious strategy to develop our land portfolio that encompasses over 9 million sqm through providing innovative projects, integrated and diverse real estate concepts that meet the needs of the customers.”

Mohamed Lashien, Senior Vice President of Products at Madinet Masr, stated: “The launch of the ‘Sheya’ project is considered a new valuable addition to Madinet Masr's portfolio of successes that extends over 65 years."

Madinet Masr disclosed that Sheya's total sales amounted to EGP 5.10 billion. Furthermore, the project is slated to be fully completed within four years.

Sarai is located on over 5.50 million sqm along the Cairo-Suez Road and Al-Amal axis.

In 2023, Madinet Masr saw its consolidated net profit skyrocket by 188.85% compared to the previous year, reaching EGP 2.12 billion, up from EGP 736.73 million.